Virtual Sensor Market Size to Reach USD 15,406.9 Million by 2032 | CAGR: 33.3% | Report by DataHorizzon Research
DataHorizzon Research
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DataHorizzon Research
Fort Collins, Colorado, Sept. 06, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Virtual Sensors Market Size, Growth, Share, Trends, Statistics Report, By Component (Solution, Services), By Deployment Type (Cloud, On-Premises), By End-use, By Region (North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa) And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the virtual sensors market size was valued at USD 874.3 Million in 2022 and is expected to reach USD 15,406.9 Million by 2032 at a CAGR of 33.3%. Virtual sensors determine the predictability of temperature, pressure, position, and speed. These are cost-friendly with wide uses across various business sectors.
The market developments in the virtual sensor industry include rapid growth in the media sector and the rising penetration of IoT devices across the supply chain. The increase in the use of IIoT in the manufacturing and production industry is trending in the industry. Besides, extensive use of cloud platforms with 5G networks highlights the growing importance of high bandwidth. Therefore, the industry is poised to achieve double-digit growth in the forthcoming years.
Market Size, Market Estimations and Forecast, Competitor Analysis, Trends, and Growth Factors
By Component
Solution and Services
By Deployment Type
Cloud, On-Premises
By End-use
Oil and Gas, Automotive and Transportation, Process Industry-Manufacturing and Utilities, Electrical, Electronics and Consumer technology, Healthcare, Chemical, Aeronautics and Defense, Others (Home Automation, Retail, and Consumer Goods)
Region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Countries Covered
U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others
Major Market Players
Honeywell International Inc., General Electric Company, Siemens AG, Texas Instruments Incorporated, Emerson Electric Co., ABB Ltd., Schneider Electric SE, Rockwell Automation, Inc., Yokogawa Electric Corporation, STMicroelectronics N.V., Analog Devices, Inc., Infineon Technologies AG, NXP Semiconductors N., and Sensirion AG among others.
Segmentation Overview:
The global virtual sensor market has been segmented based on component, end-user, and region. Solutions is the leading category in the component segment. The growth factors are attributed to the rise in enterprise-level demand for virtual solutions. For instance, cloud-based virtual storage has gained immense traction in the past few years. Manufacturing and utilities have been at the forefront of the global market. Virtual sensors are employed in the production industry for various processes that lead to real-time efficiency and accuracy.
The global virtual sensor market has been geographically segmented as North America, Europe, Asia Pacific, and the Middle East and Africa. North America is a dominating market for virtual sensors and is projected to retain a dominating position in the forthcoming years. The presence of virtual startups, technological stability, availability of funding, and emphasis on building innovative devices are some eminent factors for the market.
Key Developments in the Industry:
In 2022, Texas Instruments expanded its portfolio with advanced driver systems in the automotive industry. The company introduced an AWR2944 radar sensor for autonomous vehicles that accurately monitors blind spots and effectively navigates through turns to avoid collisions. The sensor operates at 77 GHz, which is best-in-class radio frequency and meets safety regulations in the automotive industry.
In a recent article published by Emerson Electric Co, on sustainability stated how the deployment of sensor technology in power generation industries optimizes the energy use and save on additional costs. For instance, Denka witnessed 7% reduction in steam by using acoustic sensors to prevent leaks in its emission plant.
The global virtual sensor market size is projected to reach USD 15,406.9 Million at a CAGR of 33.3% by 2032.
The rise in demand for connected devices, virtual reality, and the need for wireless infrastructure is driving the market growth. In addition, innovative approach to data analytics and predictive modeling has unleashed new opportunities in the market.
By component, the solutions category is dominant for the component segment and is projected to retain its position throughout the forecast period.
By end-user, the manufacturing and utilities are projected to acquire a huge market share in the forthcoming years. Also, the automotive and transportation segment will likely enjoy a prominent position in the global market.
By region, North America is a leading market and is primarily driven due to the vast presence of technological start-ups with a major emphasis on research and development in the virtual reality industry.
Some of the prominent players in the virtual sensor market report include Honeywell International Inc., General Electric Company, Siemens AG, Texas Instruments Incorporated, Emerson Electric Co., ABB Ltd., Schneider Electric SE, Rockwell Automation, Inc., Yokogawa Electric Corporation, STMicroelectronics N.V., Analog Devices, Inc., Infineon Technologies AG, NXP Semiconductors N., and Sensirion AG
Virtual Sensors Market, By Deployment Type (2023-2032)
Cloud
On-Premises
Virtual Sensors Market, By End-user (2023-2032)
Oil and Gas
Automotive and Transportation
Process Industry-Manufacturing and Utilities
Electrical
Electronics and Consumer Technology
Healthcare
Chemical
Aeronautics and Defense
Others
Virtual Sensors Market, By Region (2023-2032)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
